Credit report errors continue to cost Canadians

Improvements made in U.S. aren’t coming here anytime soon

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From the June 2015 issue of the magazine.

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(Blend Images - Peter Dressel/Getty Images)

(Blend Images – Peter Dressel/Getty Images)

In a U.S. legal settlement reached earlier this year, the credit bureaus Equifax and TransUnion agreed to streamline their credit report errors process, making it the responsibility of these bureaus to investigate and correct errors on consumers’ credit reports. Just don’t expect the Canadian arms of these two agencies to extend that courtesy here. When MoneySense reached out to them, both firms indicated similar changes won’t occur in Canada anytime soon—meaning, under our archaic consumer protection laws, you can expect it to continue to take six months to a year for credit disputes to be resolved. According to Public Interest Advocacy Centre survey data, 20% of Canadians’ credit reports contain errors or inaccurate information.

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